The following 3 minute video will show you how just 4 of these multi-billion dollar companies get way with not paying their “fair share” of taxes. And in some cases, they get tax refunds.
Should we be upset with these corporations? Of course! But we should be outraged at our government for letting them get away with it.
According to Wikipedia:
- Tax evasion is the illegal evasion of taxes by individuals, corporations and trusts.
- Tax avoidance is the legal use of tax laws to reduce one’s tax burden.
- Both tax evasion and avoidance can be viewed as forms of Tax Non-Compliance, as they describe a range of activities that intend to subvert a state’s tax system.
- When taxpayers try to find loopholes with the intention to pay less tax, even if technically legal, their actions may be against the spirit of the law and in this sense considered non-compliant.
Over $2 trillion in U.S. corporate profits are parked offshore, to avoid paying taxes in the U.S., while law-abiding, taxpaying citizens work hard to pay their “fair share.” What’s the justice in this?
Former Labor Secretary Robert Reich said it best when he said that lost tax revenue “has to be made up by you and me and every other taxpayer who can’t afford high-flying attorneys and accountants to shift our income into places with low taxes.”
Instead of paying taxes, they pay lawyers and lobbyists to help them get even more and better tax breaks. If the government starts talking about raising the corporate tax rates, they only complain about how the U.S. has the highest tax rate and then threaten to move their business overseas where the tax rates are more favorable.
How can they be more favorable than zero percent (0%). I say okay, let them move overseas, but they should be banned from doing business in the U.S. and excluded from participating in any government contracts.
To these multi-billion dollar companies it’s all about profits, and paying less taxes helps them achieve higher profits.
To everyone else it’s all about GREED.